Futures Point To Positive Bias For Wall Street At Opening

After the turbulence on President Trump’s pullback from Iran Nuclear Deal, the market is trying to settle. Initial trading on U.S. Futures Index suggest that Wall Street might be significantly positive at opening.

Labor Department’s Producer Price Index and Wholesale Trade Inventories report are the major highlights in the economic front.

Asian shares finished mixed, while European shares are also showing a similar trend.

As of 7.15 am ET, the Dow futures were gaining 117.00 points, the S&P 500 futures were adding 11.00 points and the Nasdaq 100 futures were up 22.00 points.

U.S. stocks closed mostly lower on Tuesday. The S&P 500 edged down 0.71 points to 2,671.92, the Dow inched up 2.89 points to 24,360.21 and the Nasdaq crept up 1.69 points to 7,266.90.

On the economic front, the U.S. Labor Department’s Producer Price Index or PPI for April will be issued at 8.30 am ET. The consensus is for increase of 0.3 percent, unchanged from the previous month.

Wholesale trade inventories are expected at 10.00 am ET. The consensus is for a decline to 0.5 percent growth, compared to 1.0 percent gorwth in February.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be released at 10.30 am ET. In the prior week, the Crude oil inventories were 6.2 million barrels and gasoline inventories were 1.2 million barrels.

10-year Treasury Note Auction will be held at 1.00 pm ET.

Atlanta Federal Reserve Bank President Raphael Bostic will speak at the World Affairs Council in Jacksonville, Florida, with audience Q&A at 1.15 pm ET.

In the corporate sector, in one of the largest e-commerce deal, Walmart is planning to acquire Bangalore based Flipkart for $16 billion.

Office Depot Inc. reported first quarter profit of $41 million, down from $116 million in the prior year. On a per share basis, earnings were $0.07, compared to $0.22 last year. Revenue for the quarter increased to $2.830 billion from $2.676 billion in the prior year.

Japanese shares fell. The benchmark Nikkei shed 99.81 points or 0.44 percent to close at 22,408.88, while the broader Topix index closed 0.39 percent lower at 1,772.91.

Australian shares eked out modest gains after Treasurer Scott Morrison said in the budget 2018-19 that Australia will return to a surplus a year earlier than previous forecast. The benchmark S&P/ASX 200 rose 16.10 points or 0.26 percent to 6,108 while the broader All Ordinaries index ended up 21.20 points or 0.34 percent at 6,204.40.

European shares are trading mixed. The CAC 40 Index of France is edging down 2.69 points or 0.05 percent. The German DAX is climbing 2.56 points or 0.02 percent, the U.K. FTSE 100 Index is up 34.01 points or 0.45 percent. The Swiss Market Index is declining 11.80 points or 0.13 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is increasing 0.19 percent.